Which of the following is not an institutional constraint that limits the United States' production possibilities?
A. Blue laws that restrict bars and liquor stores from opening on Sunday
B. Restrictions on child labor
C. The fact that Americans dislike working at night or on the weekends
D. Workers who are "in between" jobs
D. Workers who are "in between" jobs
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Which of the following are predicted by the classical growth theory?
i. Population growth will end economic growth. ii. Real GDP per person will return to subsistence level. iii. Technology drives persistent economic growth. A) i only B) ii only C) i, ii and iii D) i and iii E) i and ii
People frequently confuse facts with judgments that are based on beliefs. This means that people have trouble making the distinction between:
A. political statements and non-political statements. B. rational statements and irrational statements. C. macroeconomics and microeconomics. D. positive statements and normative statements.
In a free market where a firm's activity causes detrimental externalities,
a. marginal benefits will be less than marginal social costs. b. smaller outputs than those that maximize profits will be socially desirable. c. marginal social cost will be greater than marginal private cost. d. All of the above are correct.
What is MFN status? How does the WTO reconcile the principle of equal treatment with the preferential treatment created by regional trade agreements?
What will be an ideal response?